受美国贸易不确定性影响，新西兰元升至0.5950以上。受美国贸易不确定性影响，新西兰元升至0.5950以上

New Zealand Dollar drifts higher above 0.5950 on US trade uncertainty.New Zealand Dollar drifts higher above 0.5950 on US trade uncertainty

第一印象：新西兰零售业——可自由支配支出继续攀升。新西兰零售支出在第四季度再次意外上升，可自由支配支出的增长支撑了0.9%的季度增长。我们预计，较低的利率将支持2026年的进一步增长。

First Impressions: NZ Retail Trade – Discretionary Spending Continuing to Climb.NZ retail spending surprised to the upside again in Q4, with gains in discretionary spending underpinning a 0.9%qtr rise. We expect lower interest rates will support further gains over 2026.

新西兰第四季度零售额环比增长0.9%，而预期为0.6%。新西兰第四季度零售额环比增长0.9%，而预期为0.6%

New Zealand's Retail Sales climb 0.9% QoQ in Q4 vs. 0.6% expected.New Zealand's Retail Sales climb 0.9% QoQ in Q4 vs. 0.6% expected

新西兰汽车零售额（季度环比）：1.5%（第4季度）对1.2%。新西兰汽车零售额（季度环比）：1.5%（第4季度）对1.2%

New Zealand Retail Sales ex Autos (QoQ): 1.5% (4Q) vs 1.2%.New Zealand Retail Sales ex Autos (QoQ): 1.5% (4Q) vs 1.2%